AGEM vs. SPEM

Last updated Jun 4, 2026

AGEM (abrdn Emerging Markets Dividend Active ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both Emerging Markets Equities funds. AGEM is actively managed, while SPEM is passively managed. Over the past year, AGEM returned 63.11% vs 31.35% for SPEM. Their correlation of 0.90 suggests significant overlap in exposure. AGEM charges 0.70%/yr vs 0.11%/yr for SPEM.

Performance

AGEM vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Emerging Markets Dividend Active ETF (AGEM) and SPDR Portfolio Emerging Markets ETF (SPEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGEM achieves a 31.54% return, which is significantly higher than SPEM's 12.45% return.

AGEM

• 1D: -1.46%
• 1M: 8.91%
• YTD: 31.54%
• 6M: 33.66%
• 1Y: 63.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPEM

• 1D: -1.40%
• 1M: 3.20%
• YTD: 12.45%
• 6M: 14.11%
• 1Y: 31.35%
• 3Y*: 18.73%
• 5Y*: 5.70%
• 10Y*: 9.45%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AGEM vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025
AGEM abrdn Emerging Markets Dividend Active ETF	31.54%	29.81%
SPEM SPDR Portfolio Emerging Markets ETF	12.45%	20.00%

Correlation

The correlation between AGEM and SPEM is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 19, 2025	0.90

The correlation between AGEM and SPEM has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

AGEM vs. SPEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AGEM

AGEM Risk / Return Rank: 87
AGEM Sharpe Ratio Rank: 91
AGEM Sortino Ratio Rank: 88
AGEM Omega Ratio Rank: 88
AGEM Calmar Ratio Rank: 84
AGEM Martin Ratio Rank: 85

SPEM

SPEM Risk / Return Rank: 57
SPEM Sharpe Ratio Rank: 57
SPEM Sortino Ratio Rank: 56
SPEM Omega Ratio Rank: 58
SPEM Calmar Ratio Rank: 55
SPEM Martin Ratio Rank: 57

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AGEM vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Emerging Markets Dividend Active ETF (AGEM) and SPDR Portfolio Emerging Markets ETF (SPEM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AGEM	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	3.15	1.98	+1.17
Sortino ratio: Return per unit of downside risk	3.97	2.73	+1.24
Omega ratio: Gain probability vs. loss probability	1.56	1.36	+0.19
Calmar ratio: Return relative to maximum drawdown	4.56	2.77	+1.79
Martin ratio: Return relative to average drawdown	17.79	10.14	+7.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGEM vs. SPEM - Sharpe Ratio Comparison

The current AGEM Sharpe Ratio is 3.15, which is higher than the SPEM Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of AGEM and SPEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AGEM	SPEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.15	1.98	+1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.33	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.41	0.23	+2.18

Drawdowns

AGEM vs. SPEM - Drawdown Comparison

The maximum AGEM drawdown since its inception was -15.58%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for AGEM and SPEM.

Drawdown Indicators

	AGEM	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-64.41%	+48.83%
Max Drawdown (1Y) Largest decline over 1 year	-13.92%	-11.36%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.62%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-31.88%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.06%	—
Current Drawdown Current decline from peak	-1.46%	-1.40%	-0.06%
Average Drawdown Average peak-to-trough decline	-2.23%	-14.75%	+12.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.10%	+0.46%

Volatility

AGEM vs. SPEM - Volatility Comparison

abrdn Emerging Markets Dividend Active ETF (AGEM) has a higher volatility of 9.15% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 5.69%. This indicates that AGEM's price experiences larger fluctuations and is considered to be riskier than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGEM	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.15%	5.69%	+3.46%
Volatility (6M) Calculated over the trailing 6-month period	17.67%	13.29%	+4.38%
Volatility (1Y) Calculated over the trailing 1-year period	20.15%	15.92%	+4.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.51%	17.13%	+4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.51%	18.80%	+2.71%

AGEM vs. SPEM - Expense Ratio Comparison

AGEM has a 0.70% expense ratio, which is higher than SPEM's 0.11% expense ratio.

Dividends

AGEM vs. SPEM - Dividend Comparison

AGEM's dividend yield for the trailing twelve months is around 1.71%, less than SPEM's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGEM abrdn Emerging Markets Dividend Active ETF	1.71%	1.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPEM SPDR Portfolio Emerging Markets ETF	2.47%	2.77%	2.78%	2.80%	3.38%	3.14%	1.92%	2.94%	2.34%	1.12%	1.51%	2.40%

Frequently Asked Questions

Can I hold both AGEM and SPEM in my portfolio?

With a correlation of 0.92, AGEM and SPEM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AGEM or SPEM?

AGEM has higher volatility (9.15%) compared to SPEM (5.69%). In terms of maximum drawdown, AGEM dropped -15.58% vs SPEM's -64.41%.

Which ETF is better, AGEM or SPEM?

On 1-year performance, AGEM leads with 63.11% vs 31.35% for SPEM. On fees, SPEM is cheaper at 0.11% per year. On volatility, SPEM has been the lower-risk option at 5.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGEM or SPEM?

Over the 1-year period, AGEM has performed better with a 63.11% return vs 31.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGEM or SPEM?

SPEM is cheaper with a 0.11% expense ratio, compared with 0.70% for AGEM.

Which ETF pays a higher dividend yield, AGEM or SPEM?

SPEM has the higher dividend yield at 2.47%, compared with 1.71% for AGEM.

What is the main difference between AGEM and SPEM?

They also come from different issuers: abrdn and State Street. Their fees differ too: 0.70% for AGEM and 0.11% for SPEM.

Which has better risk-adjusted returns?

AGEM currently has the higher Sharpe Ratio (3.15 vs 1.98), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.